From: Melinda Roy Sent: Monday, August 03, 2015 4:34 PM To: Paul Morris; Stewart Oldfield; Jj Litchford Subject: RE: DB market outlook research and client conference call details I tweaked the CIO View ghostwritten email.. let me know what you think. From: Paul Morris Sent: Monday, August 03, 2015 2:38 PM To: Stewart Oldfield; Melinda Roy; Jj Litchford Subject: RE: DB market outlook research and client conference call details Send tax topics separately Paul Morris Managing Director Deutsche Bank Private Bank Offic Cell: From: Stewart Oldfield Sent: Monday, August 03, 2015 12:44 PM To: Melinda Roy; Jj Litchford Cc: Paul Morris Subject: RE: DB market outlook research and client conference call details EFTA01474154

Let's think about whether to include the tax topics. I think we should add the EURUSD piece above. And I think the intro email should be rewritten. If we are primarily focused on the new CIO view given lack of any other recent good pieces, perhaps we just outline what is in there. Please find attached the August issue of The CIO View which contain the views of Chief Investment Officer Asoka Wihrmann. His nine positions are: Central bankers warn against overheated markets U.S. central bank is most likely to hike rates in September. Bond yields are expected to recover slightly. Markets prove resilient to the Greek crisis Long-term confident on China. Agreement with Iran is likely to add pressure on oil prices. Trading ranges are key — buy at the bottom, sell "Be prepared for opportunities — at the top. some cash could be useful. Asset allocation of our balanced model portfolio for clients based in the Americas is as follows: fixed income, 41%; equities, 48%; alternatives, 10%; commodities, 1% Also in the August CIO View: Focus: The limits to monetary policy The big picture: Crises create opportunities Investment traffic lights: our tactical and strategic view Fixed - income market perspectives: Moving back to risk-on? Beware of the law of intended consequences with Joe Benevento EFTA01474155

and Joern Wasmund, Global Co-Heads of Fixed Income/Cash Equity-market perspectives: Gebhardt, Global Head of Equities Portfolio: Our asset-class Long or short, Larry Adam? Investment Officer for Wealth Healthier portfolio returns with Henning allocation in a balanced portfolio Six market views from our Chief Management in the Americas and Chief Investment Strategist for Deutsche AMW Americas Portfolio: Our view on non-traditional asset classes Long or short, Mark G. Roberts? Head of Real Estate Strategy and Research considers immediate and longer-term investment issues High-conviction ideas: Selected investment management clients' portfolios ideas to complement wealth- From: Melinda Roy Sent: Monday, August 03, 2015 11:59 AM To: Jj Litchford; Stewart Oldfield Cc: Paul Morris Subject: RE: DB market outlook research and client conference call details Email approved. Let me know if you need anything else! Melinda From: Jj Litchford Sent: Thursday, July 30, 2015 9:54 AM To: Stewart Oldfield Cc: Melinda Roy; Paul Morris Subject: Re: DB market outlook research and client conference call details EFTA01474156